Fitch upgrades Ireland’s debt rating

WASHINGTON:

Ratings agency Fitch upgraded Ireland’s debt rating on Friday to “AA-” from “A+”, citing its economic recovery from the Covid-19 pandemic and increased revenue from business and income taxes. While Ireland will continue to have a substantial debt burden, Fitch said it expects its debt-to-GDP (gross domestic product) ratio to decline through 2023, thanks to a new rule restraining the country’s spending. “Fitch expects a continued improvement in Ireland’s fiscal metrics, supported by strong revenue performance,” the ratings agency said. It had last upgraded the country’s debt in 2017 amid improving banking sector health following the eurozone debt crisis. 

Published in The Express Tribune, January 30^th, 2022.

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